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Digital Lending Tools are Reducing Mortgage Timeframes
Thursday, April 29, 2021
There has been a significant reduction mortgage
processing times since the first of the year according to ICE Mortgage
Technology. Its Origination Insight Report says that the time to close a
purchase mortgage, which averaged 57 days in January declined to 53 days in
February then to 51 days in March. Refinancing has seen similar improvement,
falling from 59 days in January to 52 days in each of the subsequent months.
The time to close for all loans was also 51 days, 6 fewer than in January. "We're seeing a compelling reduction
in the time to close a mortgage as we continue into 2021," said Joe Tyrrell,
president of ICE Mortgage Technology. "Part of the reason is lenders are
continuing to adopt digital mortgage tools to improve their loan origination
process and serve homebuyers more efficiently for example eClose, which makes
for a more streamlined process that saves time, and that shift is showing up in
the data."
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